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SPECIAL PROVISIONS FOR VENTURE CAPITAL COMPANY OR FUND

Income Tax - Tax Liability in special Circumstances / Specific Cases - 21 - EXEMPTION OF INCOME OF A VENTURE CAPITAL COMPANY OR A VENTURE CAPITAL FUND SECTION 10(23FB) INTRODUCTION: Venture Capital Company or a Venture Capital Fund provides funds in form of loans to, or subscription in shares of Venture Capital Undertakings. Venture Capital Funds or Venture Capital Companies are provided a tax-pass through benefit on their income that arises from investments in any Venture Capital Undertakings. .....

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espect of- Any income Of a venture capital company or Venture capital fund From investments In a venture capital undertaking The investment in venture capital undertaking can be in form of loans or shares. The capital gains and interest arising from such investments shall be exempt in the hands of Venture Capital Company or venture capital fund. The dividends are already exempt under section 10(34). SPECIAL PROVISIONS RELATING TO TAX ON INCOME RECEIVED FROM VENTURE CAPITAL COMPANIES AND VENTURE .....

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ing or making a payment of the income on behalf of a VCC or VCF and the VCC or VCF shall furnish, within such time as may be prescribed, to the investor and to the prescribed income-tax authority, a statement in the prescribed form and verified in the prescribed manner, giving details of the nature of the income paid or credited during the previous year and such other relevant details as may be prescribed. The income paid or credited by the VCC and VCF shall be deemed to be of the same nature an .....

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e capital undertaking if not paid or credited to the investor, shall be deemed to have been credited to the account of the investor on the last day of the previous year in the same proportion in which investor would have been entitled to receive the income had it been paid in the previous year. (Added by Finance Act, 2012) Explanation:- For the removal of doubts, it is hereby declared that any income which has been included in total income of the investor in a previous year, on account of it hav .....

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India (Venture Capital Funds) Regulations, 1996 (hereinafter referred to as the Venture Capital Funds Regulations) made under the Securities and Exchange Board of India Act, 1992 (15of 1992); or Has been granted a certificate of registration as Venture Capital Fund as a sub-category of Category I Alternative Investment Fund and is regulated under the Securities and Exchange Board of India (Alternative Investment Funds) Regulations, 2012 (hereinafter referred to as the Alternative Investment fun .....

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